Selling property + ready to exchange but buyer is dragging his heels.

leandapanda

Can anyone advise me please? I am selling my Late Father's flat and my conveyancer has answered all my buyers solicitors questions, all relevant documents have been signed etc and sent to buyers solicitor. My conveyancer said the ball was in my buyers court but we should exchange by the end of this week just gone, as my buyer is a cash buyer and there is no chain.

Well, now it turns out that my buyer is saying that local searches need to be done and this will delay things by at least a week, bear in mind this is now 8 weeks down the line. My conveyancer is not happy, neither am I and we are now putting pressure on buyer to commit to exchange.

I think he is stalling me - anyone got any advise. Thanks in advance

milliebear00001

Why is s/he only doing the searches now? They can take a while to come back, and they can't be applied for until the draft contract is sent to the buyer's solicitor, but they should be well in hend assuming all the rest of it has been done in a timely fashion. I assume they haven't just waited for the survey to come back before applying? Maybe they have done just that to avoid incurring unnecessary costs?

Either way, if I was your buyer, I wouldn't be exchanging without the searches having come back.

Eric1

Could be anything - problems with actually getting the funds in place, or scared by negative media reports. I'd be careful. If you appear desperate there may be the risk of gazundering.

DPJames

8 weeks? Is that all?!? Calm down a wee bit eh, you'll risk losing your buyer.
There's lots of reasons why things can get held up and there's no reason to disbelieve what your buyer is saying.

leandapanda

milliebear00001 wrote: »

Why is s/he only doing the searches now? They can take a while to come back, and they can't be applied for until the draft contract is sent to the buyer's solicitor, but they should be well in hend assuming all the rest of it has been done in a timely fashion. I assume they haven't just waited for the survey to come back before applying? Maybe they have done just that to avoid incurring unnecessary costs?

Either way, if I was your buyer, I wouldn't be exchanging without the searches having come back.

Draft contract has been sent to buyer solicitor, some questions and forms to fill in came back they were dealt with and contract proper was prepared and signed by my brother and myself ready for exchange. Also TR1 form has been signed by all freeholders in the building also ready to put into buyers name. My buyer apparently has had no contact from his solicitor for 4 weeks now and he hadn't bothered chasing them.

I wouldn't expect him to exchange without the searches coming back and I know 8 weeks isn't huge amount of time, but my buyer wanted to get things done in a few weeks - well that's what he said.

Another strange point, my buyer's Sister owns the flat above my Late Father's, that is why he is buying it and buyer was aware that there was no maintenance charge as work was done as and when it needed doing and all three joint freeholders would chip in. My buyers Sister used to organise it and organise buildings insurance too, with my Father and the man downstairs paying her. Now, my buyers solicitor has asked what the maintenance charges are, and this is after my buyers sister has sent back the specific forms. It all seems slapdash to me.

DVardysShadow

leandapanda wrote: »

... Another strange point, my buyer's Sister owns the flat above my Late Father's, that is why he is buying it and buyer was aware that there was no maintenance charge as work was done as and when it needed doing and all three joint freeholders would chip in. My buyers Sister used to organise it and organise buildings insurance too, with my Father and the man downstairs paying her. Now, my buyers solicitor has asked what the maintenance charges are, and this is after my buyers sister has sent back the specific forms. It all seems slapdash to me.

Worth thinking about what could be in it for the sister to have you stalled.If she is thinking of selling, it could be good to have late father's flat empty?

leandapanda

They are planning on doing work on the common ways and the front of the building, so obviously my buyers sister needs to have her share of the funds ready.

My buyer is also completely remodelling my Late Fathers flat, so although he said he had money for the flat, maybe he is trying to get the money together for the building works. Saying all this he had his team of builders round soon after I approached him and asked if he wanted to buy and he didn't make his offer until he had done all the figures so I really don't know.

He told me on the phone his usual solicitor is on holiday and he didn't have much faith in the stand in one, so maybe he wants to wait until she comes back before exchanging.